OCC Consults on Information Collection on Home Mortgage Disclosure
OCC is soliciting comments on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” Comments must be submitted on or before April 15, 2019. Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requires certain depository and non-depository institutions that make certain mortgage loans to collect, report, and disclose data about originations and purchases of mortgage loans as well as loan applications that do not result in originations.
CFPB had, on September 07, 2018, issued an interpretive and procedural rule to implement section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act. Section 104(a) amended certain provisions of the HMDA by adding partial exemptions from HMDA's requirements for certain insured depository institutions and insured credit unions. Insured depository institutions and insured credit unions covered by a partial exemption have the option of reporting exempt data fields as long as they report all data fields within any exempt data point, for which they report data.
Section 104(a) of the EGRRCP Act amends HMDA section 304(i), which provides that the requirements of HMDA section 304(b)(5) and (6) shall not apply with respect to closed-end mortgage loans of an insured depository institution or insured credit union if it originated fewer than 500 closed-end mortgage loans in each of the two preceding calendar years. Sections 304(b)(5) and (6) do not apply with respect to open-end lines of credit of an insured depository institution or insured credit union if it originated fewer than 500 open-end lines of credit in each of the two preceding calendar years. OCC is soliciting comment on the following questions in light of the section 104(a) changes:
- Whether the collections of information are necessary for the proper performance of the functions of the OCC, including whether the information has practical utility
- The accuracy of the OCC's estimates of the information collection burden
- Ways to enhance the quality, utility, and clarity of the information to be collected
- Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology
- Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information
Related Link: Federal Register Notice
Comment Due Date: April 15, 2019
Keywords: Americas, US, Banking, HMDA, Regulation C, Mortgage Disclosure, EGRRCP Act, Dodd Frank Act, Information Collection, CFPB, OCC
Previous Article
SRB Publishes Framework for Performing Valuations in ResolutionRelated Articles
EU Amends CRD4 and CRD5 as Part of Capital Markets Recovery Package
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
EU Committee Recommends Systemic Risk Buffer of 4.5% in Norway
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
PRA Clarifies Approach to Onshoring of Credit Risk Rules for UK Banks
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
FSB Sets Out Work Priorities for 2021
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.
EU Publishes Corrigendum to Revised Capital Requirements Regulation
EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).
ESAs Issue Statement on Application of Sustainability Disclosures Rule
ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).
EC Consults on Crisis Management and Deposit Insurance Frameworks
EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.
HKMA Enhances Loan Guarantee Scheme to Alleviate Pressure on SMEs
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA Proposes Standards for Supervisory Cooperation Under IFD
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE Addresses Banks in Scope of First Resolvability Assessment
BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.